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currency principle

American  

noun

  1. the principle that banks should be permitted to issue notes only against bullion or coin.

Example Sentences

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Laughlin shows the connection of the currency principle and the quantity theory.

From The Value of Money by Anderson, Benjamin M.

Definitions and idiom definitions from Dictionary.com Unabridged, based on the Random House Unabridged Dictionary, © Random House, Inc. 2023

Idioms from The American Heritage® Idioms Dictionary copyright © 2002, 2001, 1995 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company.